Insurance

What is a Term?

Term

[turm]

noun

1.

The Term is the length of time a specific insurance Policy is effective. This feature is most commonly found in life insurance, where the Policy is only good for a specific length of time, or “term” of a person’s life.

Have A Question About This Topic?

Thank you! Oops!

Related Content

How Compound Interest Works

How Compound Interest Works

Use this calculator to better see the potential impact of compound interest on an asset.

The Most Overlooked Item of Any Home Improvement

The Most Overlooked Item of Any Home Improvement

The item most homeowners forget on their home improvement project checklist is insurance.

Universal Life Insurance

Universal Life Insurance

Universal life insurance is permanent insurance with a flexible premium. Here's how it works.